Chinese Millennials flocking to specialist online platforms to buy international real estate
Ice Chen, a 36-year-old bank manager in Beijing, hasn’t been to Bangkok lately, but she just bought two apartments there. The millennial is among younger Chinese flocking to specialist online platforms to buy international real estate. The biggest of the sites, Uoolu.com, reported a 60 % surge in transactions to 5 billion yuan ($740 million) in 2018 and predicts a doubling this year. Much of the money is flowing to destinations in Southeast Asia, where prices look cheap compared to Beijing or Shanghai.
“The demand is very strong among the middle class holding extra cash,” said Liu Yuan, the Shanghai-based head of research at property broker Centaline Group. “Purchases have become simpler with online platforms.”